Case Law Details
Case Name : ITO Vs M/s Prasad Production
Related Assessment Year : 09/04/2010
Courts :
All ITAT ITAT Chennai
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Prasad Production Ltd. (Taxpayer) was awarded a contract by the Government of the State of Andhra Pradesh to establish IMAX Theatre at Hyderabad. The Taxpayer entered into an agreement with IMAX Ltd., Canada for purchase of the system (which included supply of equipment, installation, testing and initial training) as well as transfer of technology. As per the agreement, the total consideration for purchase of the system was US$ 1,365,000 and US$ 950,000 was towards technology transfer fee.
During the year under consideration,
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